Pistachios Market Report 2024 - Pistachios Market Size, Trends And Growth By 2033

"The Business Research Company recently released a comprehensive report on the Global Pistachios Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The pistachios market size has grown strongly in recent years. It will grow from $4.01 billion in 2023 to $4.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to growing awareness of the nutritional benefits of pistachios, rise in health and wellness trends, higher disposable incomes, expansion of pistachio cultivation, and growth in disposable income levels.

The pistachios market size is expected to see strong growth in the next few years. It will grow to $5.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to increasing health consciousness, evolving consumer preferences towards natural, minimally processed foods, rising awareness of environmental issues, and increasing demand for vegan-friendly products. Major trends in the forecast period include innovations in agricultural technology, advances in processing and packaging technologies, development of value-added pistachio products, adoption of sustainable farming practices, research in pistachio genetics and breeding programs, and implementation of blockchain technology.

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Market Drivers and Trends:
The growing penetration of e-commerce is expected to propel the growth of the pistachios market in the future. E-commerce refers to the online business model facilitating the exchange of goods and services through the Internet. The growing penetration of e-commerce is due to expanding internet access and shifting consumer preferences towards online shopping. E-commerce facilitates convenient access to pistachio products, catering to diverse consumer preferences and expanding market reach for almond sellers. This digital platform enables direct-to-consumer sales, streamlining the distribution process and potentially increasing profit margins for pistachio producers. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, e-commerce sales were projected to reach $1,118.7 billion in 2023, an increase of 7.6% from 2022. Therefore, the growing penetration of e-commerce is driving the growth of the pistachios market.

Major companies operating in the pistachio market are focusing on developing innovative products, such as flavored pistachios, to gain a competitive edge in the market. Flavored pistachios are nuts infused or coated with various seasonings, spices, or other flavorings to enhance their taste. For instance, in September 2023, Wonderful Pistachios and Almonds LLC, a US-based producer of highest-fiber snack nuts, launched a new flavor option in Pistachios In-Shell Seasoned Salt to enhance snacking experiences with a blend of savory seasonings, including garlic, onion, and paprika. The availability of Wonderful Pistachios In-Shell Seasoned Salt in 14-ounce and 40-ounce packaging caters to various occasions, particularly gatherings such as game day watch parties and tailgates. The launch leverages the inherent nutritional benefits of pistachios, positioning them as a protein-rich and fiber-packed snack option.

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Major Key Players of the Market:
Nestlé S.A., Kraft Heinz Company, Hormel Foods Corporation, J.M. Smucker Company, The Wonderful Company LLC, Nichols Farms, Ready Roast Nut Company, Horizon Nut Co., P-R Farms Inc., Setton Pistachio of Terra Bella Inc., Primex Farms LLC, Braga Organic Farms, American Pistachio Growers, BATES NUT FARM, Keenan Farms, Germack Pistachio Company, Fiddyment Farms, Hellas Farms LLC, Houston Pecan Co, Santa Barbara Pistachio Company, Sierra Nut House Inc., The Pistachio Factory, We Go Nuts Inc

Pistachios Market 2024 Key Insights:
• The pistachios market size is expected to see strong growth in the next few years. It will grow to $5.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• E-commerce Expansion Fueling Growth In The Pistachios Market
• Flavored Pistachios Redefining The Pistachio Market Landscape
• North America was the largest region in the pistachios market in 2023

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This release was published on openPR.